Volvo 2008 Annual Report Download - page 137

Download and view the complete annual report

Please find page 137 of the 2008 Volvo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

133
Financial information 2008
Note 12 Investments in shares and participations
Holdings of shares and participations are specifi ed in AB Volvo’s holding of shares. Changes in holdings of shares and participations are shown
below.
Group companies Non-Group companies
2007 2008 2007 2008
Balance December 31, previous year 40,419 47,011 6,400 772
Acquisitions/New issue of shares 2,909 2,660 148 1,891
Divestments (1) (3,225) (2,103) –
Shareholder contributions 342 679 ––
Write-downs/Participations in partnerships (151) (1,003) 24 (59)
Revaluation of shares in listed companies ––(204) (324)
Reclassifi cation, Nissan Diesel 3,493 – (3,493) –
Balance, December 31 47,011 46,122 772 2,280
Shares and participations in Group companies
The shares in Volvo Korea Holding AB with a book value of SEK 2,655
were transferred from Volvo Group Finance Europe BV (VGFE). The
shares in VGFE were written down completely with 1,003 whereupon
the company has been liquidated.
During the year, newly issued shares in Volvo Bussar AB was
acquired with the amount of 5.
As of January 31, 2008, AB Volvo divested the shares in the sub-
sidiary Mack Trucks Inc to Volvo Holding USA AB for 3,225 cor-
responding to book value. Volvo Holding USA AB is a wholly-owned
subsidiary in the Volvo group.
Shareholders’ contributions were made in 2008 with 529 to Volvo
Italia Spa and with 150 to Volvo Powertrain AB.
2007: During the fi rst quarter 2007, 2,886 was transferred to
N.A.KK, a wholly-owned newly-formed Japanese company, whose
main business is to acquire and hold the shares in Nissan Diesel. The
parent company’s holding in Nissan Diesel (19%) with a carrying value
of 2,001 was sold to N.A.KK and remaining shares consisting of pref-
erence shares with a carrying value of 3,493, were reclassifi ed from
shares in non-Group companies to shares in Group companies at the
time Nissan Diesel was consolidated in the balance sheet of the Volvo
Group.
During the year, Ericsson AB’s share in Alviva AB was acquired by
AB Volvo with the amount of 23. Alviva AB was established in 2002
as a joint venture between AB Volvo (51%) and Ericsson AB (49%) in
order to pursue healthcare.
Shareholders’ contributions were made in 2007 with 35 to VNA
Holding Inc and with 307 to Volvo Financial Services AB.
Write-downs were carried out at year-end on the holdings in Volvo
Penta UK Ltd, 16, VFS Servizi Finanziari Spa 22, and Volvo Informa-
tion Technology AB, 113.
Shares and participations in non-Group companies
Other shares and participations include the direct and indirect hold-
ings of VE Commercial Vehicles (VECV) for total amount of 1,845. In
the consolidated accounts of the Volvo group, VECV is reported as a
joint venture and consolidated according to the proportionate method.
The indirect ownership is an effect of the acquisition of 8.1% of Eicher
Motors Limited, which is the other venturer of VECV. These shares are
not separately valued as they form a part of the indirect ownership
VECV.
Blue Chip Jet II HB was capitalized during 2008 with 43. The par-
ticipations in the partnerships Blue Chip Jet I HB and Blue Chip Jet II
HB decreased during the year by a net of 59.
The revaluation of AB Volvo’s ownership in the listed company
Deutz AG has decreased the value by 324 during 2008.
2007: The participations in the partnerships Blue Chip Jet I HB
and Blue Chip Jet II HB increased during the year by a net of 24.
Blue Chip Jet II HB was capitalized with 145. Repayment of 102
was received from Blue Chip Jet I HB.
The revaluation of AB Volvo’s ownership in the listed company
Deutz AG decreased the value by 204 during 2007.